Jason Scott Scher - 30 Sep 2025 Form 4 Insider Report for Lifeway Foods, Inc. (LWAY)

Role: Director
Signature: /s/ Eric Hanson, as attorney-in-fact
Issuer symbol: LWAY
Transactions as of: 30 Sep 2025
Net transactions value: $0
Form type: 4
Filing time: 02 Oct 2025, 17:15:00 UTC
Previous filing: 01 Jul 2025
Next filing: 31 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
SCHER JASON SCOTT	Director	C/O LIFEWAY FOODS, INC., 6431 OAKTON STREET, MORTON GROVE	/s/ Eric Hanson, as attorney-in-fact	02 Oct 2025	0001554866

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	LWAY	Common Stock, no par value						1	30 Sep 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	LWAY	Phantom Stock	Award		+955	+1.3%		75,352	30 Sep 2025	Common Stock	955		Direct	F4, F5
holding	LWAY	Restricted Stock Units						1,600	30 Sep 2025	Common Stock	1,600		Direct	F1
holding	LWAY	Restricted Stock Units						3,101	30 Sep 2025	Common Stock	3,101		Direct	F2
holding	LWAY	Restricted Stock Units						2,710	30 Sep 2025	Common Stock	2,710		Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit ("RSU") has a value equal to one share of common stock. These RSUs vested on August 31, 2025 but settlement has been deferred (the "Deferred RSUs") pursuant to the Company's Non-Employee Director Equity and Deferred Compensation Plan (the "Director Plan"). The Deferred RSUs become payable on the date that the Reporting Person no longer serves as a director of the Company.
F2	Each RSU has a value equal to one share of common stock. Of such RSUs, 1,551 vested on August 31, 2025 (the "Vested RSUs") and 1,550 will vest on August 31, 2026, contingent on the Reporting Person's continued service as a Director on each applicable vesting date. The settlement of the Vested RSUs has been deferred pursuant to the Director Plan. The Vested RSUs become payable on the date that the Reporting Person no longer serves as director of the Company.
F3	Each RSU has a value equal to one share of common stock. Of such RSUs, 1,356 will vest on July 1, 2026 and 1,354 will vest on July 1, 2027, contingent on the Reporting Person's continued service as a Director on each applicable vesting date.
F4	Each share of phantom stock represents a right to receive one share of common stock. The phantom stock becomes payable on the date that the Reporting Person no longer serves as a director of the Company.
F5	The acquired shares of phantom stock were acquired upon deferral of the Reporting Person's cash compensation for service on the Board of Directors in the quarter ended September 30, 2025 stock pursuant to the Company's Non-Employee Director Equity and Deferred Compensation Plan (the "Director Plan").